In late October, four young Canadians announced they are taking the Canada Pension Plan Investment Board (CPPIB) to court. The young Canada Pension Plan (CPP) members claim that CPPIB is breaching its duty to invest in their best interests and subjecting their pensions to undue risk of loss by failing to adequately manage climate risks. CPPIB’s quarterly financial report, announced a few weeks later, appears to underscore concerns raised in the young Canadians’ legal challenge. The report showed four new private investments in fossil fuels between July and October 2025, and an estimated total of $7.1 billion in new fossil fuel investments in the previous year.

In its 32nd Actuarial Report on the Canada Pension Plan (CPP), published on Monday, Canada’s Office of the Chief Actuary (OCA) has again failed to consider the increasing potential for systemic climate-related financial risks in its “baseline” assessment of the sustainability of the CPP.  The harsh reality is that the future health of programs like the CPP is dependent on a stable climate. A precautionary warning from actuaries is needed to make this clear for decision-makers. 

Facing landmark climate litigation, the Canada Pension Plan Investment Board (CPP Investments, or CPPIB) has committed at least $7.1 billion to new oil, gas, coal and pipeline assets in the last year. CPPIB’s quarterly financial report shows Canada’s national pension manager committing an estimated additional $6 billion to fossil fuels in just its second quarter of fiscal 2026, plus October. Every dollar CPPIB invests in fossil fuels is a long-term bet against a Paris-aligned energy transition – worsening the climate crisis and putting Canadians’ retirement security at greater risk.

Four young people in Canada are taking the sixth largest pension fund manager in the world to court, claiming it is breaching its duty to invest in their best interests by failing to protect their pensions from climate risk. Represented by lawyers from Ecojustice and Goldblatt Partners LLP, Aliya Hirji, Travis Olson, Rav Singh, and Chloe Tse, allege that the Canada Pension Plan Investment Board (CPPIB) is breaching its legal duties by subjecting pension contributions to undue risk of loss from poorly managed climate risk.  

The Canada Pension Plan Investment Board (CPPIB) today announced a new $1.4 billion investment to take a minority stake in a major American fossil fuel power plant operator– yet another gamble on climate failure that imperils the Canada Pension Plan and its members. The investment in AlphaGen, which owns and operates 23 power plants that burn fossil gas, oil, diesel and kerosene across six states, means CPPIB has now gambled $5.5 billion on risky new fossil fuel investments within the last two weeks– following its $4.1 billion investment in Sempra Infrastructure on September 23. 

The Canada Pension Plan Investment Board (CPPIB) today announced a new $4.1 billion investment in fossil gas, barely a day after its chief sustainability officer admitted in The Globe and Mail that investors are struggling to manage worsening climate-related financial risks, with physical risks "happening earlier than expected, with greater impact than was anticipated.”

Amidst another summer of heatwaves, droughts and wildfires forcing Canadians to flee their homes, the Canada Pension Plan Investment Board (CPPIB) continues to own and invest in companies that are prolonging the use of fossil fuels and making the climate crisis worse. In some cases, CPPIB is directly financing the expansion of oil and gas infrastructure, causing more carbon pollution to be pumped into the atmosphere and betting the world will fail to limit global warming to safe levels.

Shift, represented by environmental law charity Ecojustice, has written to Canada's Office of the Chief Actuary (OCA) warning that the OCA is severely underestimating the systemic financial risks of climate change in its valuation assessments. Shift and Ecojustice are concerned that the OCA is failing to assess the cascading economic and financial impacts of a rapidly warming world. This could have potentially severe consequences for the Canada Pension Plan (CPP) and the Public Sector Pension Plan (PSPP), which collectively have more than $1 trillion in retirement savings under management on behalf of millions of Canadians.